The Office of Tax Simplification (OTS) has published a new report calling on Government to prioritise action to address long-standing concerns for smaller businesses.
The report was commissioned by the Chancellor of the Exchequer in July 2018 following the OTS’s Business Lifecycle review, published in April 2018. The Chancellor asked the OTS to carry out a further review focusing on the day to day experience of businesses in dealing with tax, especially those smaller businesses which struggle the most.
The OTS recommendations cover five themes:
providing simple step-by-step guidance about the key things a business needs to do in its early days to help things run smoothly;
improving the operation of the PAYE system;
implementation of HMRC’s Agents Strategy;
improving the mechanics of the corporation tax return process;
ensuring that tax changes are built on an understanding of business processes.
View the report at https://tinyurl.com/yygkjndd.
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